The average annual dollar exchange rate in 2027 will be 499.6 tenge, according to participants in the National Bank of Kazakhstan's macroeconomic survey. Back in August, the forecast was notably higher — 516.2 tenge. Experts also improved their expectations for the national currency for 2026 and 2028, reports infohub.kz.
For 2026, analysts lowered their estimate of the average annual exchange rate from 490 to 479 tenge per dollar. For 2028, they cut it from 562.2 to 527.1 tenge. The revision was most significant at the longer horizon, with a difference of 35.1 tenge.
All these figures refer to the average rate for the respective year. They do not mean the dollar will be worth the same at the end of December or on any specific day.
The October survey involved 14 organizations, including professional market participants, research institutes, international organizations, and rating agencies.
"The macroeconomic survey does not contain forecasts by the National Bank," the regulator emphasized.
The results reflect independent assessments and expectations of market participants.
Earlier, Kursiv reported that in August, survey participants had already lowered their forecast for the dollar exchange rate in 2027 — from 532.1 to 516.2 tenge. At that time, the estimate for 2026 was revised from 500 to 490 tenge, and for 2028 — from 566.6 to 562.2 tenge. The October survey continued this trend.
However, estimates from different organizations vary. On October 13, Kursiv reported on a forecast by the Eurasian Fund for Stabilization and Development: its economists expected an average exchange rate of 482 tenge per dollar in 2026 and a weakening of the national currency to 523 tenge in 2027.